What might happen with bitcoin this week?


29 days ago
859 QCP
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According to William Suberg at Cointelegraph, there are a number of things that could impact on the price of bitcoin this week, including the fact that the price of oil is at an all-time low, and despite the fact that millions are currently unemployed.

As the article points out, bitcoin is maintaining a price at around $7,000 on 20th April, “despite strong resistance on April 20 as oil crashed through fresh support levels towards $10.” It adds that this is going to be a “choppy week” for traditional markets, but if you are a bitcoin price follower, here are five things to look out for during the next few days.

This week has begun quite calmly for bitcoin, especially as there are often sell-offs over the weekend. This doesn’t appear to have happened and the BTC/USD price “lingered inside a $300 corridor over the weekend.”

Bitcoin has now maintained $7,000 support since 16th April, although analysts warn, “year-to-date resistance and the 200-day moving average both present barriers to further growth.”

Cointelegraph Markets analyst Michaël van de Poppe predicted today, “Breaking and flipping the yearly level and I assume we can continue towards $7,600.” We can also see that as last week ended, the cryptocurrency moved above the 50-day moving average, flipping previous resistance.


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